latest news releases from the newsroom
CombiMatrix Receives Commitments For $8.25 Million in Registered Direct Offering
MUKILTEO, Wash., April 29, 2009 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that is has obtained commitments from a group of select investors to purchase up to $8.25 million of its common stock and warrants in a registered direct offering. Under the terms of the transaction, CombiMatrix will sell approximately 1.1 million units for $7.50 per unit. Each unit will consist of one share of CombiMatrix common stock and one warrant, each warrant to purchase one share of common stock at an exercise price of $9.00 per share. The warrants may be exercised beginning six months after the offering and have a term of five years. The warrants will be callable under certain conditions. The closing of the offering is expected to take place on or about May 1, 2009, subject to the satisfaction of customary closing conditions. The units are being offered and sold by the Company pursuant to an effective shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission. Proceeds from the offering, net of placement agent fees and expenses, are expected to be approximately $7.57 million. Emerging Growth Equities, Ltd. served as the placement agent for the offering, and The Benchmark Company, LLC acted as a selected dealer.